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HK government residential site sale misses market forecasts

Posted on 07 September 2011

Blue-chip giant Sun Hung Kai Properties Ltd.bought a New Territories residential site at an auction Tuesday for US$400 million, a price below of market expectations and which underscores concern regarding the outlook for the real estate sector amid market volatility and rising mortgage rates.
The result affirmed the view among some analysts that the city’s long-sizzling property market has been cooling for some weeks. At the government’s last land auction in August, a luxury residential property site garnered just one bid–and that was also below market forecasts……………………………………….Full Article: Source


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